CoreLogic Introduces OnSite--A New Property Condition Report with Local Market Conditions
Email Dan Smith
June 15, 2011, Santa Ana, Calif. –
— Complements Automated Valuation Models to Help Financial Institutions Meet Interagency Guidelines —
CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today announced the availability of OnSite™, a new property condition report that contains local market conditions and complements Automated Valuation Model (AVM) reports in order to help regulated financial institutions meet Interagency Appraisal and Evaluation Guidelines for lending. OnSite leverages the most comprehensive data available in the market, covering 98.7 percent of parcels in the United States.
“As a result of the new federal guidelines, regulated institutions are seeking new and cost-effective ways to ascertain the actual physical condition of a subject property as well as economic or local market conditions when an AVM is used for lending purposes,” stated Craig Focardi, senior research director, Retail Banking and Cards, at The TowerGroup, a Corporate Executive Board company. “To meet these guidelines and to ensure properties aren’t over- or under-valued, solutions that combine trained observations from field inspectors with comprehensive local market information will be beneficial in delivering more accurate analyses of a property.”
“We’ve received positive feedback from many regulated institutions recognizing that OnSite delivers the property condition report, local market conditions, and external factors required by the new Interagency Appraisal and Evaluation Guidelines for the use of AVMs in lending decisions,” said Susan Allen, vice president of Collateral Solutions at CoreLogic. “A key differentiator with OnSite is its patent-pending condition rating system, which provides a more consistent and transparent assessment of the property condition. This objective evaluation along with local market conditions leveraging the most comprehensive data available in the market provides lenders with a truer picture of a property.”
OnSite is a new CoreLogic property condition report that includes local market conditions and patent-pending features that are specifically designed to help lending institutions meet the requirements set forth in the latest Federal guidelines for use of AVMs in lending decisions. OnSite delivers an overall condition rating using inspection results to objectively calculate condition, external factors observed adjacent to the subject property or within the immediate neighborhood, and robust, timely information about local market conditions. OnSite can be ordered with industry-leading CoreLogic AVMs and AVM Cascades, or as a standalone report. Regulated financial institutions interested in learning more about OnSite can contact their CoreLogic sales representative or call 1-866-774-3282.
CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built the largest and most comprehensive U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. The company, headquartered in Santa Ana, Calif., has more than 10,000 employees globally with 2010 revenues of $1.6 billion. For more information visit www.corelogic.com.
CoreLogic is a registered trademarks of CoreLogic.